《大行報告》麥格理輕微下調裕元(00551.HK)目標價 評級「跑贏大市」
麥格理發表報告指,裕元(00551.HK)第三季收入按年跌19%,低過該行及市場預期,盈利按年跌43.1%,好過該行及市場預期,主要因為成本控制表現優於預期。製造業務毛利率按年跌0.4個百分點,至19.3%,較該行預測高出5.3個百分點,主要受惠產能利用率提升,以及營運效益改善。管理層預期毛利率保持在18%至19%水平,當訂單恢復正常,毛利率有望高於20%。
該行將公司今年每股盈利預測上調12%,但明年預測則下調8%,以反映收入預測及毛利率假設較低,目標價由11.2元輕微下調至11.1元,評級「跑贏大市」。
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